Stock Futures Slump on 'Cliff' Fears

12/21/2012 9:21AM

U.S. stock futures slumped as part of a global selloff after House Speaker John Boehner ditched his own budget plan amid lack of support, fueling fears that a fiscal crisis couldn't be averted. Brendan Conway has details on The News Hub. Photo: Bloomberg.

This transcript has been automatically generated and may not be 100% accurate.

... the the ... markets and ... news about the stupid thing yet ... like that I'm somewhat Brendan Conway ... I'm fond columnist Dimon Brendan mornings ... being easy some observations selloff last night when two things can happen today ... here you know this this fiscal cliff issue he is weighing on the market this morning's deftly weighing on sentiment ... you know ... traders hid in Washington are thinking and re benefit of the doubt I mean they they really just ... the mark markets of March along higher and higher ... I lately this year despite the fact that time was running out ... on the team looks like patience is wearing thin and ... overnight in the futures market these awesome big sellers in that that has people jittery ... on the the the the Church of deaths that do well when the market sells off the wrong near the top of the heat this morning ... so obvious certain looks like the market ... during what you think that the quiet period you know as as as we did was to Christmas ... aam it it could be a little here is it to ... me is the reason for the American South but what will that mean ... it's a problem but memories of two thousand and eight ... well you know I mean I mean stop stocks are still up by about two percent for the month I think there's a chance of that can basically be reduced to flat today ... he did ... a lot of credible up long-term money managers ... they're still positive on the market the still like for stock multiples are ... so they might view it is a buying opportunity he'll take the edge off of it ... certainly though the short term money today they're just putting down down down ... I don't think it's anywhere near ... you know to make it two thousandeight comparison but ... certainly they did two dozen eleven comparison when these kind of geopolitical issues ... matter a lot more ... than they have this year ... likely to be any good news ending its toxic keeping around ... so I don't know but good stocks is just seems like it's a macro this morning but the one piece of good music people to have out there this morning ... just the Windows eight thirty ... we we we had some personal spending ... data for consumers to do this this year with the US that that turned out ok this is for the month of November ... aam ... the period which we think that medium East Coast or with the hurricane impact ... on the data came in slightly ahead of expectations so ... that's gonna tell you with the consumer is still there ... aam maybe that will ... you know take the edge of the people ... the main color will have to leave it that the cause of the US among incumbents ... out it's a ... prime funds common things just I'm happy holidays dependency